Georgia Capital Portfolio Overview

3000 2500 2000 1500 1000 500 0 -500 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Hungary Georgia Turkey Prudent monetary policy ensures macro-financial stability International reserves Sources: NBG 3500 Monetary policy rate GEORGIA CAPITAL NBG continued gradual exit from moderately tightened monetary policy and decreased its refinancing rate by 50 basis point in 1Q19. Dec-05 90-unr Sources: NBG Official Reserve Assets, US$ mln Net Foreign Assets, US$ mln 3500 % کس 14 3000 12 2500 10 2000 1500 1000 500 0 0 8 6 2 4 -500 0 Dec-06 Jun-07 Dec-07 80-unr Dec-08 60-unr Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Nonperforming loans to total gross loans, latest 2019 Sources: IMF Lithuania Poland Romania Latvia Armenia Bulgaria Bosnia and Herzegovina Kazakhstan Croatia Portugal Russia 2.20% 2.40% 3.00% % 370% 00% 4.90% 10% 6.40% 7.60% 8.40% 8.60% 9.4% 9.40% 10.70% Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 0% Armenia Georgia 30% 25% 20% 15% 10% 5.75% 6.50% 5% Russia Turkey Kazakhstan Belarus 7.25% 9.00% 10.00% 19.75% Monetary policy rate remains low vs. peers Sources Central banks end-2017 end-2018 latest-2019 Feb-08 Oct-08 Jun-09 Feb-10 Oct-10 Jun-11 Feb-12 Oct-12 Jun-13 Feb-14 Oct-14 Jun-15 Feb-16 Oct-16 Jun-17 Feb-18 17.00% Oct-18 Jun-19 Ukraine Azerbaijan 8.25% Page 61 6.50

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